{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-15", "generatedAt": "2026-09-15T21:02:01+00:00", "currentSnapshotAt": "2026-09-15T21:01:00+00:00", "comparisonCutoffAt": "2026-09-15T21:01:00+00:00", "headline": "Altcoin options widen their volatility gap as TRX compresses", "standfirst": "Altcoin one-week ATM IV dispersion widened to 51.67 volatility points, with HYPE one-week ATM IV at 70.88% and TRX one-week ATM IV at 19.21%. The gap widened by 3.92 volatility points as TRX one-week ATM IV fell 3.22 volatility points, while HYPE remained the complex’s highest-volatility asset. One-week RR25 dispersion, by contrast, compressed to 1.35 volatility points, bringing relative call-versus-put volatility closer together.", "marketSummary": "Altcoin options ended the window with a wider one-week implied-volatility divide: HYPE one-week ATM IV was 70.88%, versus TRX one-week ATM IV at 19.21%. The 51.67-point level spread was 3.92 points wider than at the prior snapshot, with TRX accounting for the largest absolute one-week ATM IV move.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-15T21:01:00+00:00", "previousSnapshotAt": "2026-09-14T21:01:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.43, "previous": 65.36, "change": 1.07, "percentChange": 1.64 }, "rr25": { "current": -0.77, "previous": 5.38, "change": -6.15, "percentChange": -114.31 }, "bf25": { "current": 5.43, "previous": 7.04, "change": -1.61, "percentChange": -22.87 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 61.11, "previous": 62.05, "change": -0.94, "percentChange": -1.51 }, "rr25": { "current": -0.44, "previous": 4.02, "change": -4.46, "percentChange": -110.95 }, "bf25": { "current": 5.26, "previous": 6.82, "change": -1.56, "percentChange": -22.87 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.7, "previous": 60.54, "change": -2.84, "percentChange": -4.69 }, "rr25": { "current": 0.38, "previous": 3.88, "change": -3.5, "percentChange": -90.21 }, "bf25": { "current": 5.08, "previous": 6.06, "change": -0.98, "percentChange": -16.17 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 55.64, "previous": 57.87, "change": -2.23, "percentChange": -3.85 }, "rr25": { "current": 1.76, "previous": 4.55, "change": -2.79, "percentChange": -61.32 }, "bf25": { "current": 5.22, "previous": 5.19, "change": 0.03, "percentChange": 0.58 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.43, "previous": 65.36, "change": 1.07, "percentChange": 1.64 }, "rr25": { "current": -0.77, "previous": 5.38, "change": -6.15, "percentChange": -114.31 }, "bf25": { "current": 5.43, "previous": 7.04, "change": -1.61, "percentChange": -22.87 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 2.458, "forward": { "current": 1.29, "previous": 1.46, "change": -0.17, "percentChange": -11.64 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical XRP index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded" }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-15T21:01:00+00:00", "previousSnapshotAt": "2026-09-14T21:01:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 70.88, "previous": 70.18, "change": 0.7, "percentChange": 1.0 }, "rr25": { "current": -0.4, "previous": 5.32, "change": -5.72, "percentChange": -107.52 }, "bf25": { "current": 3.58, "previous": 4.4, "change": -0.82, "percentChange": -18.64 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 67.98, "previous": 67.14, "change": 0.84, "percentChange": 1.25 }, "rr25": { "current": 0.77, "previous": 4.65, "change": -3.88, "percentChange": -83.44 }, "bf25": { "current": 3.13, "previous": 4.31, "change": -1.18, "percentChange": -27.38 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 65.79, "previous": 64.75, "change": 1.04, "percentChange": 1.61 }, "rr25": { "current": 1.62, "previous": 3.54, "change": -1.92, "percentChange": -54.24 }, "bf25": { "current": 3.08, "previous": 4.26, "change": -1.18, "percentChange": -27.7 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.68, "previous": 63.59, "change": 0.09, "percentChange": 0.14 }, "rr25": { "current": 2.32, "previous": 4.49, "change": -2.17, "percentChange": -48.33 }, "bf25": { "current": 3.5, "previous": 3.71, "change": -0.21, "percentChange": -5.66 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 70.88, "previous": 70.18, "change": 0.7, "percentChange": 1.0 }, "rr25": { "current": -0.4, "previous": 5.32, "change": -5.72, "percentChange": -107.52 }, "bf25": { "current": 3.58, "previous": 4.4, "change": -0.82, "percentChange": -18.64 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 2.458, "forward": { "current": 77.24, "previous": 81.45, "change": -4.21, "percentChange": -5.17 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical HYPE index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded" }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-15T21:01:00+00:00", "previousSnapshotAt": "2026-09-14T21:01:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 60.63, "previous": 61.94, "change": -1.31, "percentChange": -2.11 }, "rr25": { "current": 0.39, "previous": 1.51, "change": -1.12, "percentChange": -74.17 }, "bf25": { "current": 3.77, "previous": 3.87, "change": -0.1, "percentChange": -2.58 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.97, "previous": 59.89, "change": -0.92, "percentChange": -1.54 }, "rr25": { "current": 1.15, "previous": 1.6, "change": -0.45, "percentChange": -28.13 }, "bf25": { "current": 3.97, "previous": 4.24, "change": -0.27, "percentChange": -6.37 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.22, "previous": 58.92, "change": -0.7, "percentChange": -1.19 }, "rr25": { "current": 1.88, "previous": 2.39, "change": -0.51, "percentChange": -21.34 }, "bf25": { "current": 4.08, "previous": 4.51, "change": -0.43, "percentChange": -9.53 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.9, "previous": 58.01, "change": -0.11, "percentChange": -0.19 }, "rr25": { "current": 1.61, "previous": 1.99, "change": -0.38, "percentChange": -19.1 }, "bf25": { "current": 4.25, "previous": 4.39, "change": -0.14, "percentChange": -3.19 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 60.63, "previous": 61.94, "change": -1.31, "percentChange": -2.11 }, "rr25": { "current": 0.39, "previous": 1.51, "change": -1.12, "percentChange": -74.17 }, "bf25": { "current": 3.77, "previous": 3.87, "change": -0.1, "percentChange": -2.58 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 2.458, "forward": { "current": 7.29, "previous": 7.71, "change": -0.42, "percentChange": -5.45 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical AVAX index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded" }, { "asset": "TRX", "currentSnapshotAt": "2026-09-15T21:01:00+00:00", "previousSnapshotAt": "2026-09-14T21:01:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.21, "previous": 22.43, "change": -3.22, "percentChange": -14.36 }, "rr25": { "current": 0.58, "previous": -0.53, "change": 1.11, "percentChange": 209.43 }, "bf25": { "current": 2.44, "previous": 1.75, "change": 0.69, "percentChange": 39.43 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.2, "previous": 22.48, "change": -3.28, "percentChange": -14.59 }, "rr25": { "current": -0.81, "previous": -0.72, "change": -0.09, "percentChange": -12.5 }, "bf25": { "current": 2.91, "previous": 1.88, "change": 1.03, "percentChange": 54.79 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.44, "previous": 22.42, "change": -2.98, "percentChange": -13.29 }, "rr25": { "current": -2.33, "previous": -1.08, "change": -1.25, "percentChange": -115.74 }, "bf25": { "current": 3.09, "previous": 2.02, "change": 1.07, "percentChange": 52.97 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 21.01, "previous": 22.56, "change": -1.55, "percentChange": -6.87 }, "rr25": { "current": -1.91, "previous": -0.26, "change": -1.65, "percentChange": -634.62 }, "bf25": { "current": 2.73, "previous": 2.56, "change": 0.17, "percentChange": 6.64 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.21, "previous": 22.43, "change": -3.22, "percentChange": -14.36 }, "rr25": { "current": 0.58, "previous": -0.53, "change": 1.11, "percentChange": 209.43 }, "bf25": { "current": 2.44, "previous": 1.75, "change": 0.69, "percentChange": 39.43 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 2.458, "forward": { "current": 0.33, "previous": 0.34, "change": -0.01, "percentChange": -2.94 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical TRX index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded" } ], "crossAssetAnalysis": { "schemaVersion": 1, "purpose": "Identify what is unusual across the altcoin options complex, not produce four mini reports.", "returnMetric": { "key": "spotPerformance24h", "source": "spotMove24hPercent", "label": "24h spot-index return", "unit": "percent" }, "assets": [ "XRP", "HYPE", "AVAX", "TRX" ], "comparableAssets": [ "XRP", "HYPE", "AVAX", "TRX" ], "oneWeek": { "atmIvLevel": { "leader": "HYPE", "laggard": "TRX", "highest": 70.88, "lowest": 19.21, "spread": 51.67, "highestToLowestRatio": 3.6897, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 70.88, "values": [ { "asset": "XRP", "value": 66.43 }, { "asset": "HYPE", "value": 70.88 }, { "asset": "AVAX", "value": 60.63 }, { "asset": "TRX", "value": 19.21 } ], "previousSpread": 47.75, "spreadChange": 3.92, "dispersionDirection": "widening" }, "atmIvChange": { "leader": "XRP", "laggard": "TRX", "highest": 1.07, "lowest": -3.22, "spread": 4.29, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": -3.22, "values": [ { "asset": "XRP", "value": 1.07 }, { "asset": "HYPE", "value": 0.7 }, { "asset": "AVAX", "value": -1.31 }, { "asset": "TRX", "value": -3.22 } ] }, "rr25Level": { "leader": "TRX", "laggard": "XRP", "highest": 0.58, "lowest": -0.77, "spread": 1.35, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": -0.77, "values": [ { "asset": "XRP", "value": -0.77 }, { "asset": "HYPE", "value": -0.4 }, { "asset": "AVAX", "value": 0.39 }, { "asset": "TRX", "value": 0.58 } ], "previousSpread": 5.91, "spreadChange": -4.56, "dispersionDirection": "compressing" }, "rr25Change": { "leader": "TRX", "laggard": "XRP", "highest": 1.11, "lowest": -6.15, "spread": 7.26, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": -6.15, "values": [ { "asset": "XRP", "value": -6.15 }, { "asset": "HYPE", "value": -5.72 }, { "asset": "AVAX", "value": -1.12 }, { "asset": "TRX", "value": 1.11 } ] } }, "relativeVolatilityLeader": { "asset": "TRX", "metric": "absolute 1W ATM IV change", "value": -3.22 }, "termStructure": { "definition": "1Y minus 1W ATM IV, in volatility points", "currentSlope": { "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ], "previousSpread": null, "spreadChange": null, "dispersionDirection": "unavailable" }, "slopeChange": { "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] } }, "relativeValue": { "ivMinusRealised7d": { "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] }, "spotPerformance24h": { "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] } }, "rankings": { "oneWeekAtmIvLevel": [ { "rank": 1, "asset": "HYPE", "value": 70.88, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "XRP", "value": 66.43, "previousRank": 2, "rankChange": 0 }, { "rank": 3, "asset": "AVAX", "value": 60.63, "previousRank": 3, "rankChange": 0 }, { "rank": 4, "asset": "TRX", "value": 19.21, "previousRank": 4, "rankChange": 0 } ], "oneWeekAtmIvChange": [ { "rank": 1, "asset": "XRP", "value": 1.07, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "HYPE", "value": 0.7, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "AVAX", "value": -1.31, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "TRX", "value": -3.22, "previousRank": null, "rankChange": null } ], "oneWeekAtmIvAbsoluteMove": [ { "rank": 1, "asset": "TRX", "value": -3.22, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "AVAX", "value": -1.31, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "XRP", "value": 1.07, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "HYPE", "value": 0.7, "previousRank": null, "rankChange": null } ], "ivMinusRealised7d": [ { "rank": null, "asset": "XRP", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "HYPE", "value": null, "previousRank": null, 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